Hanwei Energy Confirms New Pipe Order of $3.9 Million
11 Gennaio 2013 - 2:00PM
Marketwired
Hanwei Energy Services Corp. (TSX:HE) ("Hanwei" or the "Company"),
today announced that it has been awarded a new $3.9 million order,
placed by an existing Kazakhstan client, for the supply of the
Company's high pressure, glass reinforced epoxy pipes and
fittings.
The Company has previously announced revenues of $13.2 million
for the six month period ending September 30, 2012. As of the date
of this press release the Company has confirmed sales orders of
approximately $13 million; inclusive of the abovementioned new
Kazakhstan order and in addition to the revenues recognized as at
September 30, 2012. These orders are expected to be produced and
shipped within the Company's current fiscal year ending March 31,
2013.
The Company has for the last ten years served a wide range of
oil and gas projects with resilient, non-steel, composite pipes
that have provided long term performance in high pressure, high
temperature, and highly corrosive operating environments. Ongoing
orders placed with existing clients, together with the endorsement
of the Company with initial orders from new clients, continue to
evidence the superior operating strengths of the Company's pipe
products.
This ongoing order to Kazakhstan in the Company's Middle Asia
market represents a well established region of the Company's sales
activities serving to grow the geographic distribution of its pipe
sales globally.
In other international markets the Company has recently produced
and shipped an initial order placed by Hindustan Dorr-Oliver to the
Company's Middle East and Subcontinent market. As part of the
process by this new client Hanwei's internal quality assurance,
inspection and testing procedures were independently reviewed and
approved by Toyo Engineering.
About Hanwei Energy Services Corp.
Hanwei Energy Services Corp. is a leading manufacturer of high
and low pressure, fiberglass reinforced plastic pipe products and
associated technologies and services for the international oil and
gas, and infrastructure industries. Hanwei serves major energy
customers in the Chinese and global energy markets.
www.hanweienergy.com
FORWARD-LOOKING INFORMATION
The forward-looking information in this press release presents
the Company's expectations as of the date of this press release and
accordingly is subject to change after such date. Readers are
cautioned that reference to "orders" hereto are not recognized
under IFRS and should not be construed to be indicators of
performance or purported to be an alternative to sales or any other
financial measures under IFRS. Readers should not place undue
importance on forward-looking information and should not rely upon
this information as of any other date. While the Company may elect
to, the Company does not undertake to update this information at
any particular time, except as required by applicable securities
legislation.
Neither the TSX nor its Regulation Services Provider (as that
term is defined in the policies of the TSX) accepts responsibility
for the adequacy or accuracy of this release.
Contacts: Hanwei Energy Services Corp. Graham Kwan Executive
Vice-President, Strategic Development and Corporate Affairs
604-685-2239 x108gkwan@hanweienergy.com Hanwei Energy Services
Corp. Yucai (Rick) Huang Chief Financial Officer 604-685-2239
x106yhuang@hanweienergy.com www.hanweienergy.com
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